| Abstrakt: |
The Reserve Bank of India (RBI) has joined Project Nexus, a platform created by the Bank for International Settlements (BIS), to facilitate immediate cross-border retail payments. The project aims to connect India's Unified Payments Interface (UPI) with the fast payment systems of four ASEAN countries: Malaysia, Philippines, Singapore, and Thailand. The RBI signed an agreement with the central banks of these countries on June 30, 2024. The platform, called Nexus, is expected to go live by 2026 and will make retail cross-border payments more efficient, faster, and cost-effective. [Extracted from the article] |
